Hi Matt, Good luck on your remodel project, I'm going to second John on this one and recommend less is better in this situation.

I haven't dug into the actual agreement, but was curious because I'm not in a position to house hack, but see many people on here recommend the strategy.

Does anyone have any recommendations of first time home buyer grants or down payment assistance programs for New York State?

DIY tax software like TurboTax may not handle nominee interest, depreciation, or LLC structuring correctly, so working with a real estate CPA experienced in sub-to deals is recommended.

I recommend you speak with him. 

Would you recommend we keep the house or sell it?  

Depending on how risk adverse you are, going out of state can make sense, but I always recommend investing in your backyard (or at least being driving distance). 

@Derick Jennings Without knowing more about your situation, I'd likely recommend a house hack, a strategy I wish I would have known about when I got started.

Properties in Henderson, certain parts of North Las Vegas, and adjacent to Summerlin may provide faster rent growth.However, we recommend not using this data for your property search criteria.

Hey Barbara, I have a property manager I can recommend for the LAIC service.